Skip to main content

tv   Special Report With Bret Baier  FOX News  November 11, 2009 6:00pm-7:00pm EST

6:00 pm
the commander in chief holds another meeting about whether to send more troops to afghanistan. we will see how war and separation affect military families. we will also update the healthcare reform battle with the fox correspondent coffeering the action, and a fair and balanced look at proposed legislation intended to present another financial catastrophe. all that, plus the fox all-stars, "special report" starts right now. welcome to washington. i'm bret baier. president obama took part in veterans day ceremonies here in washington and as the commander in chief honored america's heroes of the past and present, he contemplated whether to send more troops into harm's way in the near future. white house correspondent wendell goler has the story. >> like every president since woodrow wilson, barack obama used veterans day to reaffirm the nation's commitment to the men and women who have preserved our freedom, but a
6:01 pm
day after grieving with the soldiers at fort hood and hours before an 8th strategy session on afghanistan, his thoughts were very much on service men and women still in uniform. >> for our troops, it is another day in harm's way. for their families, it is another day to feel the absence of a loved one, and the concern for their safety. >> the president and first lady spent time in the section of arlington national cemetery where casualties from iraq and afghanistan are brewer ried. they spoke with some of the family members who were paying their own respects. mr. obama says it influences his decision to send troops into harm's way but some republicans think the meetings help him hesitate and even today there was a proposal to consider the general's request for more troops in afghanistan. >> we owe it to the national security interests of the united states of america to have that decision made and made as soon as possible. >> still, general david petraeus, the head of central command, says the month-long
6:02 pm
process has been productive and is almost over. >> there have been explanations and discussions about how the civilian component of this will complement what is done by the work of our military troops. >> by all accounts, afghanistan's government is the weak link in the four strategies the president is now focusing on. >> in the couner is insurgency strategy, the war relies on the eth cassie of the host nation partners, the afghan national police and the government itself. >> the inability to count on some regional governors as partners or to predict a time line for the national government to train enough reliable security forces suggests to some experts a hybrid strategy. >> it's not focused on a counterinsurgency across the entire country but a counterinsurgency in a few key areas, the most violent areas. >> sensible strategy is counterinsurgency involving pakistan as well and the obama administration has set up benchmarks for both countries
6:03 pm
to achieve. some are classified because they involve intelligence, and some are obvious, involving governance and security, but on none of them will the administration say exactly how the afghans or pakistanis score. bret: last night we reported that interim white house communications director anita dunn will be stepping down in coming days, but we're told that she will not be a stranger around the white house. what can you tell us about that? >> it appears that she is too important to let go or let go right away. she leaves december 1st. she will stay on for about a month as a consultant to the white house. officials say the white house council's agency has checked over the arrangements, her clients, issues will be examined and she will not lobby the white house on behalf of any clients but once again, it is an exception that the president is making to his policy or his promise to close the door between the -- the revolving door between lobbying agencies and the white house. bret. bret: wendell, thank you. as wendell mentioned, the president made an unscheduled
6:04 pm
stop in the section of arlington cemetery where troops killed in iraq and afghanistan are brewer rid are. president obama and the first lady paused at the resting place of medal winner ross mcginnis who threw himself on a grenade to save his comrades in iraq three years ago. the focus on veterans day is naturally the veterans but their families endure often daily hardships with little fanfare. correspondent caroline shively has tonight's on the front lines report. >> for the past 7 months, this laptop has been the link between four-year-old emmerson and her father, lieutenant colonel christopher eubanks who is deployed with the 82nd airborne at bagram air base. not every day is easy at home in ft. bragg, north carolina. >> there are days where she waiks up in the morning crying for him, and she wants her daddy.
6:05 pm
she wants to move to afghanistan. she wants to go. she wants to see him, but those somedays come to an end. >> to get through those days, there is a stuffed union courtroom with a recording of her father's voice. >> i love you. i miss you. i will see you soon. love you, bye. >> then there is the daddy doll, printed with his image. >> she carries it with her a lot. he has gone with us on trips. he goes to the doctor. he goes when we go to get shots and has gone to her first day of preschool. he goes a lot of places. >> 7,000 miles away, ewe banks is surrounded by the 1,500 paratroopers he calls his extended family. >> you use that bond to get through the holidays and times like that when you wish you were home doing trick or treating with your son, daughter or family. you miss them growing up. you miss them tap dancing and ballet and soccer. >> ewe bank is one of 14,000 soldiers from the 82nd
6:06 pm
airborne division. families need help getting through 12 to 14-month deployments. >> yes, he had to go away, but he comes home and we're here when he comes home and it's what daddy does. e-ub-an-k-s says it is the afghan people who show him the sacrifices worth t >> they believe the country is getting better. they believe that r. there is a light at end of the tunnel. they believe that there is progress being made, so it reinforces what you're doing out there every day. >> every day for the next 7 months until eubanks returns to his waiting family. >> take care and i miss you, love -- >> daddy. >> caroline shively, fox news. bret: let's talk more about how military families cope. joining us is retired major general robert scales. happy veterans day, first of
6:07 pm
all. >> thank you. bret: you watch this story and you come to grips with just how many soldiers and service members we have overseas and how long they're deployed away from their families. >> yeah, that's true, bret. in this particular division, the 82 nsdz airborne division, there are 15,000 troops in the division. this division is zee ployed for 49 months, four years out of the last 7 years that they have been overseas. half the army, 265,00 of the 580,000 soldiers deployed, but what's important here, bret is, to understand that afghanistan is tough duty. it is a terrain, the nature of the enemy, the weather, make service in afghanistan particularly tough and hard on the soldiers who are serving there. >> colonel eubanks talks about the bond in his division that helps him get through the hardship. talk about that bond. >> yeah, that's the -- the social side is called the band
6:08 pm
ofel brothers effect. it is what some call the buddy love that holds a division together. patriotism and a paycheck may get a soldier to enlist, but fear of letting his buddies down, fear of breaking that personal bond with his buddys is what causes a young solder to do something that might very well get him killed. it is that glue, that glue that ties together. it is the glue that is forged in blood that keeps the units like the 82nd airborne together over these very very tough times. you would have thought after four years of service and combat the army would have broken years ago, but it is that bond, that special bond, that band of brothers that keeps units like the 82nd airborne together. bret: general scales, as always, thank you. veterans day is poignant every year, but with the pending deployment of more troops to afghanistan and with the tragedy at fort hood, it is pore moig nant, thanks.
6:09 pm
a paratrooper was found, as two were swept away by a raging river and the search continues for the second soldier. we will have more veterans day coverage throughout tonight's special report, and in three minutes, what is up with healthcare reform legislation? where is it headed and what are ritz chances? we will talk with the fox correspondents who are all over this story. >> i'm johnathon brown. >> i'm nathan brown. >> we want to tell everyone back home, happy veterans day. >> we miss you and love you and we will be home soon. boss: so word's gettin' out that geico can help people save in even more ways -
6:10 pm
on motorcycle insurance, rv, camper, boat insurance. nice work, everyone. exec: well, it's easy for him. he's a cute little lizard. gecko: ah, gecko, actually -
6:11 pm
exec: with all due respect, if i was tiny and green and had a british accent i'd have more folks paying attention to me too... i mean - (faux english accent) "save money! pip pip cheerio!" exec 2: british? i thought you were australian. gecko: well, it's funny you should ask. 'cause actually, i'm from - anncr: geico. fifteen minutes could save you fifteen percent or more on car insurance.
6:12 pm
bret: congress is not in session because of the holiday but there is plenty to talk about whether legislators will pass healthcare legislation before the end of this year. here to discuss where we are three of the fox reporters covering the healthcare debate and the beat, carl cameron,
6:13 pm
shannon bream and jim angle. a lot to talk about here, guys. carl, the process. where are we, what's next? >> today the house democratic leaders say they thought they could keep their members in it and get something passed by christmas. that is probably a pipe dream because the senate sets the pace. they don't have a senate bill. harry reid hasn't merged the two bills. we don't have a price tag because we don't have a bill. it's quite possible that reid doesn't have the votes to begin the debate. they hope, best case chen snare yo for -- scenario for democrats that by next week they have enough votes to take it to the floor. they will come back after thanksgiving and three weeks before christmas. bret: they are also waiting the congressional budget office to score the bill, and there is back and forth about the c.b.o. and how that will come out. >> the c.b.o. has to rely on asum shons of congress, assumptions in, assumptions out. if congress says we will cut $500 billion from medicare,
6:14 pm
c.b.o. has to assume that will happen will it happen? it is unlikely and there is little evidence in history that members in congress are willing to do that. four years ago in congress, there was a proposal to cut $6.5 billion in medicare over five years, 6.5 billion over five years. senator clinton at the time said that was slashing medicare. other democrats said it was immoral, that it was cruel. now they're proposing to cut medicare by $9 -- by 90 times that much. will they do it? most unlikely, but if they are saying we will do, it c.b.o. has to assume they will. bret: another stumbling block is the issue of abortion and federal funding for abortion. >> and it goes back to the hyde amendment passed in the '70's after voe versus wade and it puts a ban on federal funding that goes through the allocation through department of health and human services. bart stupak wanted to make
6:15 pm
sure that same kind of policy got into the house because now we're talking about different funding streams for this healthcare reform situation. here is the difference. we were talking about private insurers under the hyde amendment, but we are in this case, because they will be part of the exchange if it goes through and not only will federal funding be cut off from things like medicaid and public option but if you get affordability krettic credits and use those, can't go into the private marketplace and buy insurance that provides abortion coverage. it is a stickler down to the dollar but some people think it is semantics. there is is a huge balancing act here. speaker pelosi knew she would lose 39 democrats anyway so when 40 anti-abortion democrats said we have to have the stupak amendment or else we don't vote for the bill, she only won by margin of five votes. you lose three you're upside-down and you lose. she had to let them take a vote. it passed but what happened to all the pro-choice people? today 90 people in the pro-choice caucus wrote a letter to president e bouma saying we want to talk about
6:16 pm
this abortion thing and on the republican side in the house was saying that pelosi had, naskts, promised she would have it taken out of the senate deal, so you may pick up people for abortion and may lose others. >> now the 39 democrats that voted against the bill, they're getting pounded by the liberal left. their donations are threatened. attack ads are coming from groups like move on, and their offices are even being picketed. those who voted against it are suffering democrat on democrat violence. bret: shannon, the politics of that, and then you have the issue of illegal immigration. you have the hispanic caucus in the house, 20 members there, saying that if there is legislation or an amendment added for verification of residency that they will vote against the bill. there are a lot of speed bumps here. >> a lot of hurdles left. until we get those c.b.o. numbers a lot of people just want to hammer the costs and public option will come back in before the dust settles and be a big talking point.
6:17 pm
bret: the best in the business. thank you all. it's rare to have everyone at one table, thank you. the greatest generation is dying out. we will meet world war ii heroes getting together for what could be the last time, and next, new insight into the alleged fort hood shooterment >> for all who have served and continue to serve these united states, we salute you. (announcer) we understand. you need to save money.
6:18 pm
6:19 pm
6:20 pm
bret: officials at walter reed medical center reportedly expressed concerns about accused fort hood shooter major nidal hasan as far back as six years ago. national public reports that in the spring of 2008 there were questions about hasan's mental stability. this comes as finger-pointing increases over whether the
6:21 pm
government ignored warning signs of the disaster. national correspondent catherine herridge updates the investigation. >> not far from the scene of the shootings in killeen, texas, major hasan lived in this one-room apartment. for the first time a limited group of journalists was allowed inside. what appears to be a newly bought paper shredder stands idol. prayer masks are brunched up in a corner. there are clear signs that investigators execute add methodical search looking for an evidence n a shoe box, an antibiotic and anti-viral which he appears to have written for himself and investigators are violent on the search but other government sources are stepping forward to defend the f.b.i.'s handling of hasan's e-mails to a radical cleric before the rampage, claiming there was not enough in the e-mails to launch a full investigation. one government
6:22 pm
counterterrorism investigator told fox, had we launched an investigation of hasan, we would have been crucified because the mail suggested he was looking for spiritual guidance, and we couldn't have launched because of first amendment privileges, a former head of counterterrorism says it is not black and wide. >> guidelines are just that, guidelines. they're not laws. they're not statutes. they're subject to interpretation. >> the f.b.i., according to a government counterterrorism investigator was not aware until after the attack of hasan's writings on the internet, which appeared to justify suicide bombings, and the bureau was not aware of reports that the report was available to the army and they raised questions about his state of mind and whether he was becoming radicalized. as to whether the e-mails were shared with the military, a government counterterrorism investigator insisted it was shared but would not explain at what level. we were on it. we passed it.
6:23 pm
it was shared with appropriate chains. to suggest or infer we sat on it or dropped it is absurd." a senior department official says no army or 0 disptsment of defense official knew that he was an extremist before the attacks but said lower level employees were aware and did not follow up. bret: we will keep following it. thank you. the dow gained 44 today and the s&p 500 finished ahead 5, and the nasdaq picked up almost 16. the effort to prevent another global financial meltdown has led to the unveiling of some controversial legislation establishing a new bureaucracy. one critic calls it a change for change's sake. we report, you decide. here is correspondent james rosen. >> after more than 50 hearings, the chairman of the senate banking committee on tuesday unveiled an 1,100-page bill proposing an unprecedented overhaul of the banking and financial services sector. >> this is not about ego.
6:24 pm
it's about putting together an architecture that makes sense, and it's long overdue. dodd's bill would create a new consumer protection financial agency to protect borrowers from predatory lending and there would be a new agency for financial stability monitoring the entire financial system for early warnings of another credit cite is or global meltdown. and when a institution does collapse like lehman brothers an authority would limit its ripple effects. >> the idea of having a systemic supervisor is one we're having a lot of agreement on, but having resolution authority, something we're missing in the ciewrnts supervisory architecture is something there is a lot of agreement on. >> most controversial is dodd's plan to strip the federal reserve and fdic of key powers and invest that oversite authority in a new regulatory administration. he and dodd's vision runs counter to the house financial
6:25 pm
institutions committee chairman barney frank who prefers to see the congress keep their finger on it >> they took over consumer protection responsibilities and regulation of bank holding companies. it was an abysmal failure. >> they will still have the authority over at the monetary supply, financial stability, monetary stability, so we think they should still have a role in overseeing some of the large financial institutions. awhile congressman frank's bill is expected to see a floor vote before year's end, senator dodd's is not, and so the white house and republican critics of the dodd bill are digging in for several months of negotiations, which won't even begin in earnest until healthcare reform is settled first. bret. >> james thank you. >> according to the secret service, two vehicles in vice president joe biden's motorcade struck and killed a man early today in suburban maryland. secret service employees were returning the vehicles to a storage facility following biden's trip to washington
6:26 pm
state tues bay tuesday. the vice president was not in either vehicle at the time of that crash. >> another case of fuzzy math concerning the stimulus, and jobs. plus, we'll tell you what the broadcast networks were not telling you about the fort hood shootings. ryor. ryor. nner lyeron m s raleso hiowti llmemaur thy ets ro ig ass. (anc thntme
6:27 pm
your family has its own rhythm. onroye and its own reasons to save money, save time and save for the future. whatever your reason, regions makes saving simpler. lifegreen checking and savings are a great way to start - featuring free convenient e-services, up to a $250 annual savings account bonus and a free personal savings review. so make the switch today - and get your family into the rhythm of saving. regions - it's time to expect more.
6:28 pm
6:29 pm
>> and now some fresh pickings from the political grapevine. tuesday we reported how
6:30 pm
political correct inness is shading media coverage of the shootings at fort hood. the muslim faith of accused shooter major nidal hasan had been mentioned in just 29% of the evening news or thes on the broadcast networks. 893% of the stories did not mention terror or terrorism until president obama hinted at a connection during tuesday's memorial service. overall, the knelt works referenced a -- the networks reference add possible link to terrorism 7 times in 48 reports. there is another report showing figures for jobs created or saved from the stimulus to be widely exaggerated. massachusetts received nearly $4 billion in stimulus funds and reported more than 12,000 jobs affected. the boston globe reports one state college claimed 160 full-time jobs from 77,000 dollars in stimulus money a spokesman for the school said the actual number of new jobs was, in fact, zero.
6:31 pm
in other instances, federal money that recipients already took in annually was reclassified as stimulus money, and existing jobs were attributed to recovery funds. the san diego union tribune editorial board writes "this is a scandal and should be treated as such. it appears to reflect a decision to distort government data collection to support explicitly political agendas." and florida republican governor charlie cyst might have some -- charlie crist might have explaining to do. e-mails show that the governor's aides knew about president obama's visit to florida last month, those crist previously told reporters twice that he was un >> aware of the trip. the newspaper report that the white house provided an itinerary and invitation prior to the trip but that crist's executive assistant said the governor would be unable to attend. crist is in a tough bid for the u.s. senate in florida and has been trying to distance himself from the president and the stimulus package. our top story at the bottom
6:32 pm
of the hour, the nation is observing veterans day. this morning, president obama placed a wreath at the tomb of the unknown at arlington national cemetery r about 900 veterans of world war ii die die each day. marianne silber reports on what could be the last reunion of that war's many heroic units. it's been more than 65 years, these courageous men who dug in on d. day get together once a year. even in their late 80's and 90's, mem is are not so distant. >> to see people get killed right in front of you, it's something else. >> in the rain and the storm stormy see seas and being shot at, what could be worse? >> for sergeant linell, he recalls the morning of june 6, 1944, part of a new group of
6:33 pm
elite volunteers, rangers like him were among the first to storm the beaches of normandy. >> when our landing craft was to land on the beach and the raft went down, then our men were going to climb up state up a cliff that was over 100 feet high. >> rangers chimed that cliff at as german bullets rained down. >> i was the first guy in my company with a bullet through the right side. >> but linell kept going and so did george kirschner and they had to reach the top but the guns were not there. >> the terrain up on top looked entirely different from wra we had studied a lot of aerial photos. >> linell later found them in a nearby orchard and destroyed them. >> i looked over the hedge row. there they were. >> lynn p linell and kirschner received the distinguished
6:34 pm
service cross. there were other threats, hidden machine guns. >> we couldn't see them, but we pretty much knew where they. were >> private bill reed and his buddy, woody dornan carried torpedos and and they blew a hoe in a barrier to allow solders to pass through. >> i flared in the hole and we both flared at the same time. >> this year's e union may be the last. many of these rangers say travel something becoming too difficult. at fort bening, georgia, marianne silber, fox news. bret: earlier we implied that outhose communication director would become a lobbyist after leaving government service. she is not a lobby. dunn will resume work at her communications firm. we apologize for the confusion. on this day to celebrate and honor america's veterans, the president is trying to decide what to do about afghanistan. we will talk about it with the fox all-stars when we come back.
6:35 pm
6:36 pm
looks like we're in for a bumpy ride. go ahead, ignore me. but in this turbulent market, you're going to need help... protecting some of your assets for retirement. an axa equitable annuity could give you... guaranteed income for life. i'd call them, but what do i know? i'm just the 800-pound gorilla in the room. don't worry. i'm here. want guaranteed income for life? axa equitable is redefining what you expect from annuities. ooh, peanuts.
6:37 pm
6:38 pm
>> i think that we are, indeed, nearing a decision on this very important topic. i think it's very essential that we recall why it is that we are in afghanistan, and that is to ensure that that country does not once again become a sanctuary or safe haven for al qaeda and the kind of transnational extremists that carried are out the 9/11 attacks. >> i feel very strongly that we owe it to the men and women in the military and the national security interests of the united states of america to have that decision made and made as soon as possible. bret: well, president obama met with his national security team for the 8th time today in the situation room according to a senior official. the president and his team discussed the length of time it would take to implement the options he has been presented. he believes, according to this official, that we need to make clear to the afghan government that our commitment is not open ended after years of substantial investments by the american people, governments
6:39 pm
in afghanistan must improve to ensure a successful transition to our afghan partner. resources were discussed, but contrary to reports, the president has not made a decision about the options he has been presented. what about this? let's bring in our panel, fred barnes of the weekly standard, a.b. stoddard, associate editor of the hill and syndicated columnist charles krauthammer. fred. >> 8 meetings? boy,'s a lot of meetings. it's about time for the president to decide. he will decide i guess in the end of november after his trip to asia, after thanksgiving, is that what we expect? >> it could be before. >> it might be, but it will be two and a half months or three months after general mccrystal was ready and made his recommendation of what needed to be done. they told him to hold off on the number of troops but the white house knew what it was. it was widely reported in the newspaper that he wanted 40,000 more troops that easy to figure out, and they're finally getting around to it. look, this delay matters, and it has constricted what general
6:40 pm
mcchrystal can do in afghanistan. you know, without an order to deploy that the president would have to give before troops at say, ft. bragg would get ready to go and general mcchrystal would know they are coming, there is only so much preparation for the operations there. he is basically on hold, and he is exectsded to produce real progress by next summer. that's what the white house wants. the longer the president delays, and the fewer troops he sends, the harder that will be, and then when you hear these complaints about karzai and then again about the pakistan government and so on that, gee, they may not be reliable. of course they're not reliable! they will be more reliable in a safer situation if the taliban is defeated or curbed, and al qaeda is diminished, then they will be a lot safer w the surge in iraq, we didn't know whether there was going to be any stable government at end of the line, but when you create security, one tends to develop. bret: what about this statement
6:41 pm
by the security official focusing on the meeting at the afghan government commitment is not open-ended and security forces need a commitment of governance over a reasonable period of time. i mean, they went out of their way to detail this part of the statement. >> what we're hearing from the white house is, that a, the president is not happy with his choices, and the question that fred raised about strong partners was answered a long time ago, strong partners in pakistan and afghanistan. they knew that a long time ago before the august 20 election in afghanistan, et cetera. right now the emphasis that the white house keeps make something not on troop levels. they want us to know it on the strategy, of the company's level of increase in troops and so they are trying to deemphasize the question of resources and emphasize a strategy. what they want is an end game. they really can't find one. if they say the terms are lou we
6:42 pm
bolster the army and afghan miss for us to a point where we can hand off this mission and leave, that is not going to happen soon enough in terms he can define to usite now. obama is getting ready to do what he is not used to doing and that is sell something other than himself. he never done that well, even healthcare he has kept at an arm's length distance all these months and he is ambivalent and has to get out and sell this to the american public. you can tell he's not ready. bret: charles, do you think he can sell it, especially since it is his second bite at this apple, as we have talked about many times. the first rollout of this strategy happened in march. >> he has to sell t the delay has made his task a lot harder. the delay has put our allies in some doubt. that's not just the nato allies, canadians and others who are talking about weight drawing in a couple of years. it is the afghans who have chosen our side and have to wonder that in the end will the united states withdraw and leave
6:43 pm
them hanging, and the other uncertainty is about obama's commitment himself. the issue is if he takes this long, and if he gives all these excuses, which you talked about just a moment ago, about how we may not have a partner in afghanistan, we may not have a partner in pakistan, you're expressing doubts about our allies in the region, and you're implying that somehow this this is a kind social work that the even that we at war is to bolster these allies. it's protection of the american homeland. it's what petraeus had talked about, keeping out al qaeda and preventing the regrouping of al qaeda and their allies. it's our war and it's in the name of our security f the president expresses all of this uncertainty and takes this long in agonizing, you got to wonder, is his heart in it? he has to demonstrate after each decision that he really is committed to success in this, because all of this delay and these excuses about afghan/pakistani partners gives
6:44 pm
the impression of an station that will be looking for an excuse of a certain point of withdrawing or pulling back. bret: national security advisor james jones was quoted in a german magazine saying "it doesn't matter if you put 200,000 troops in, afghanistan will still eat them up as in the past. " the white house says he was talking about the link between civilian and military to be able to solve the problem, but that quote was pretty stunning, and he spoke out publicly like general mcchrystal was slapped down for doing. >> and then of course last summer when he took bob woodward to afghanistan with him and told the jen ales there don't ask for troops, and doesn't want the u.s. to be involved in of a afghanistan and set national security advisor. obviously, 200,000 troops would make a huge difference. there the other problem that president obama has is the political problem. this war has become unpopular, particularly among democrats, particularly among the base of democratic liberals who support
6:45 pm
obama and it's hard to move against them. he would have to do something like president bush did on the surge but practically nobody was in favor of that. congress, most republicans, democrats, his own state department, his own joint chiefs of staff were against it and the president did it. it did not make him more popular. it did not help rip r. republicans running for office, but it did win the war in iraq, which is the most important thing. bret: do you think we get a decision before thanks giveing? >> i have a feeling they want to get it out there there. it becomes more troubling after thanksgiving. i'm not surprised it is taking this long because he did not want to be accused of a rush to judgment like he accused president bush of, but i'm surprised they are letting this out that he's not happy with his choices that. , to me, has been the most surprising message. bret: next up, a look at legislation that could create a new bureaucracy, regulating the financial industry. the panel weighs in after we pay some bills. o >> i just want to say hi to my
6:46 pm
mother back home in liberty hills, texas. i'm assigned in kandahar, afghanistan. maybe one of the most important...
6:47 pm
6:48 pm
6:49 pm
>> i'm unveiling a sweeping, bold long overdue comprehensive financial reform package of legislation. this proposal will create a new architecture to make our financial institutions more transparent, more responsible, and more accountable to the american people. >> what i understand is this is yet another 1,000-page bill, not supported by any republicans. i don't think the public is clamoring for us to pass yet another 1,000-page bill. bret: senator chris dodd, the chairman of the senate banking committee unveiled this huge new bill about overhauling the banking and financial services
6:50 pm
sector. the most controversial aspect of this is to strip the federal reserve and the fdic of the powers over the nation's large banks and put them in a new bureaucracy, something that the house and the white house are ropesed to. we're back with the panel. a.b.? >> >> i think if you look at the healthcare debate in its entirety and especially since the elections last week, look at the analysis of what's going to happen to healthcare in the house bill, there is no appetite in the congress for anything sweeping, in the remainder of this year or in 201o we're going to be looking at finishing up this healthcare situation if it passes at all, and bill clinton is wrong. they are not necessarily winning at this point. then to move to something like this, which is so aggressive and so ambitious, i mean, senator dodd's bill, much more so than the house, is, again, it's not -- it's just not realistic. that's why the white house, which is in disagreement with
6:51 pm
senator dodd over many aspects of this bill is taking the longview and saying this is a great beginning, because it is so far down the road, it will change so much. i think for senator dodd, very vulnerable incumbent facing a tough election next year, facing bailout anger, anti-wall street, and anti-fed sentiment at record highs in the population and rising, it's probably a win-win, because he proposed it, and then you move on from there. bret: dealing with his own personal vulnerabilities. charles? >> the bill is only a show horse, meant for a political protection for senator dodd, but look the bill in and of itself is terrible. members of congress want to control stuff and liberal members of congress want to control everything. that's why they don't like the fed. it's independent. now, you can't take it over, but you can, as the dodd bill attempts to do, you cut it down, you restrict it, you make it small. you weaken it, and you, and as
6:52 pm
the bill indicates here, you remove the regulation of the financial institutions. presumably this will prevent another meltdown. the problem is this -- the brittish have today the exact system that dodd wants. a separation of the bank of england and the regulators of the financial institutions. the meltdown in britain was much worse than in the united states and one of the reasons is because if you disperse power or disperse information, the head of that regulatory agency doesn't have the information that the bank of england has, and as a result they had a much worse result. the economists in britain are advocating undoing the separation of the bank of england and the bureaucracy as a way to save the brittish economy in the future, exactly the reverse of what dodd wants to do. bret: fred, the federal reserve does not have a lost friends on capitol hill. the left is attacking it, the right is attacking it. why? >> i'm not sure about the
6:53 pm
middle, either t doesn't have many friends are, but look, one, it is going to handle monetary policy, and two, it needs some banking regulations and regulatory power there, because what is the vehicle through which it runs? it's monetary policy, it's through the banks. you can't just say when you do monetary policy but you can't have anything else to do with the banks, that doesn't make sense. the problem with this bill is, one -- well, there are lots of problems but the biggest one is what it doesn't do and what the american people want the most and that is to get rid of any financial institution that is too big to fail that we have to bail out at some point. look -- bret: although senator dodd says he will get rid of that, he claims that it's in that bill. >> no, it's not in that bill! what you have to do is what happened with standard oil and all those trusts and at&t. you break them up because they're too big. they can certainly do that with banks and other financial institutions. paul volcker is for that. henry coughman wrote a
6:54 pm
terrific piece about this in "the wall street journal" today. that's what you do so you don't have this situation where there will ever have to be a bailout. you can tell citicorp to chop off some of the things you do and other banks do this is what they want. they want no more bailouts. the way you have no more bailouts is you have no institutions that are too big to fail. bret: quickly, the sweeping overhaul probably doesn't have a chance, but what about regulatory legislation, like from barney frank? >> i do think it is a signature goal of the administration. they want to be able to go to the voters with something to address all this anger about bailouts, intrusions to the private sector, anti-wall street, anti-fed. i think they want to go to the electorate and say we did something to protect consumers. if you look at how much business contributions have tanked the democrats this year, i don't think it is going to be sweeping. bret: that is it for the panel. stay tuned for a special tribute to the men and women in uniform. .
6:55 pm
. boss: ah! thank goodness you're back.
6:56 pm
gecko: what's going on, sir? boss: we're slammed. tons of people interested in all the money they could be saving by switching to geico.. gecko: yeah, 'course. boss: boy, did we miss you last week. that temp wasn't working out at all. exec: took me all morning but i got those quarterly figures for ... you. (hissing noise, gulping) gecko: aw, he ate all my mints. anncr: geico. fifteen minutes could save you fifteen percent or more on car insurance.
6:57 pm
6:58 pm
bret: finally tonight we mondayor our armed forces with a look at veterans day celebrations across the world. from special report to all veterans and their families, thank you for your service to our country. thanks for inviting us into your home. our online show is taking the night off. many of us are attending a dinner for wounded warriors. that's it for this special report. fair, balanced and unafraid. >> there's no tribute, no commemoration, no praise that can truly match the magnitude of your service and your sacrifice. >> each year on veterans day, americans come together to honor those who have answered our nation's call to serve. you truly are america's heroes. >> you know as well as i do the world we live in remains a dangerous and uncertain one. >> truly grateful for the service all of you have rendered on behalf of your nation. >> hello.
6:59 pm
>> i'm -- >> my name is chief warrant officer edward lavier in barca, iraq. -- basra, iraq. >> ♪ let freedom ring >> i would like to say hello to my family in redding. >> ♪ let freedom ring let freedom ring ♪ >> our country still stands. shepard: veterans day. an shepard: veterans day.


info Stream Only

Uploaded by TV Archive on